Expenses can easily pile up for people in Florida seeking a divorce. In addition to legal fees, a couple that needs to split the assets within a 401(k) retirement plan must first obtain a qualified domestic relations order. After paying a lawyer to prepare the QDRO document, the firm managing the retirement account typically adds another $300 to $1,800 in charges to process the transaction.
Posts tagged "High-Asset Divorce"
Florida couples who are getting a divorce may focus largely on major issues, such as child support and custody, as well as major assets such as the home. This might cause other financial considerations that are just as important to fall by the wayside.
Depletion of assets happens when one person in a Florida divorce spends marital assets in an effort to keep the other spouse from being able to claim them as part of property division. It may be possible to seek a restraining order to stop this from happening. It prevents major financial changes to marital property. However, if it is not filed in time or at all, and asset depletion occurs, then people may need to used other methods.
Florida fans of Brad Pitt and Angelina Jolie may have heard some of the speculation whirling around their divorce. It has been speculated that the two had a prenuptial agreement since both have been married before and each brought their own considerable assets into the marriage. However, even with a prenuptial agreement, the process of untangling financially could take months.
Florida parents who have established a college savings account for their child may be concerned about what will happen to the account if they divorce. When parents end their marriage, all marital assets must be divided, including savings accounts that were meant to cover a child's future educational expenses. A divorcing parent may be concerned that their soon-to-be ex-spouse will use a college fund for their own expenses or to pay for the educational expenses of future children or stepchildren.
When Florida couples have been married for lengthy periods of time, they often have accumulated substantial assets, including pensions, retirement accounts, investment properties and other complex assets. If you are in this situation and are considering getting divorced, you should expect that they will need to be divided between you and your spouse.
Divorce can affect Florida couples at various stages in their marriages, and the financial aftermath can be overwhelming for both parties involved in the process. There are many factors that are considered during financial negotiations in divorce, and both sides may view their own interests as top priorities while dealing with retirement plans and marital assets. It is important to consider the value in settling in a timely way rather than bickering over minor details since prolonged legal action could cost a large portion of any settlement in the form of fees.
Florida residents who are currently going through a divorce may not be entirely aware of just how costly the process can end up. Many divorces range in cost from $15,000 to $20,000 or more, and that is not including the cost of finding a new place to live. In order to keep divorce costs low, certain steps can help to keep the length of the divorce to a minimum.
If you are facing a Florida divorce, you might approach the situation with apprehension over the division of marital assets. You may be aware of issues such as needing to decide who gets the family home, or you might prefer the idea of selling the home to streamline costs as you and your estranged spouse go your separate ways. One of the areas that can be confusing or even forgotten is that of retirement accounts.
A Florida couple with significant assets might rely on tax experts to determine the best approach to filing federal tax returns. However, those who prepare their own taxes might wonder if filing separately has any advantages over filing jointly. Married couples, including same-sex couples, must use one of these two designations. Meanwhile, those who are in domestic partnerships or civil unions may not use these designations when filing. In most cases, there is a greater financial benefit in filing jointly.